6-08.3-07. Divestiture - Cease and desist.

1. If a reciprocating state bank holding company makes an acquisition other than in full compliance with the requirements and procedures of this chapter, the board may, by order: a. Immediately require the reciprocating state bank holding company to divest itself of its direct or indirect ownership or control of any bank located in this state; or b. Require the reciprocating state bank holding company to cease and desist the violations by a certain date.

2. The order is subject to the procedures applicable to cease and desist proceedings under section 6-01-04.2 and any applicable rules.